Understanding Financial Planning

Understanding Financial Planning

Do you need guidance in making critical decisions on financial issues around cash management, investing, retirement, risk management, taxes or estate planning? Be sure to hire a qualified financial planner. In Canada, a Certified Financial Planner®is specifically trained to provide guidance to you on financial issues using the six-step financial planning process. Since 2000, Don Maycock,Certified Financial Planner® has been advising clients using this process. Below is a summary of the six-step process..

First Meeting

This meeting involves the first two steps.

Step 1:Define and agree on the scope of the financial plan. It can be a modular plan (involving one or more services) or a comprehensive plan. The Financial Planning Services offered by Don Maycock are listed below.

Second Meeting

Step 4: The plan is presented to the client in written format such as a client wealth management binder. Each strategy and product recommendation is explained in detail on how it relates to their goals and expectations in step two.

Third Meeting

Step5: This meeting focuses on implementing the Financial Plan.

When a “Financial Planning Service” is implemented, it may result in a “Plan” being recommended. A few examples of “Plans” are as follows.

RRSP (Registered Retirement Savings Plan)

RRIF (Registered Retirement Income Plan)

IPP (Individual Pension Plan)

RESP (Registered Education Savings Plan)

Non-Registered Investments

Typically “Products” go into a “Plan”. For example, the “Retirement Income Planning” service may result in an “RRSP Plan” being set up using an investment “Product” such as the following.

Annuities

Segregated Funds

Fourth Meeting

Step 6:Monitor the Plan

It’s important to meet with your financial planner (typically once annually) or when there has been significant tax, economic, product change or lifestyle change affecting your financial situation.

Are You Saving Enough To Retire? CIBC published a recent poll on the subject “Am I saving Enough to Retire?”. If I boil it down to the most important points in the whole article, I think it’s as follows. 90 per cent of Canadians, who are not currently retired or semi-retired, do not have a formal …

RRSP Deadline for 2017 Tax Return Quite simply, the “RRSP Deadline” is the last day this year that you can make a contribution to your Registered Retirement Savings Plan (RRSP) but claim the tax credit on the previous year’s taxes. The RRSP deadline for the 2017 tax year is March 1, 2018. But do you have unused RRSP contribution room? …

From now through June 30, 2018, Manulife Bank clients can earn 2.25% interest when opening any of the following accounts by May 18, 2018: Personal Advantage Account (non-registered, Canadian dollar) Registered Advantage Account (our registered retirement savings plan) Tax-Free Advantage Account (our tax-free savings account) There is no minimum balance required, and interest is earned on every new dollar deposited …

New YouTube Channel Just a quick note that I’ve launched my YouTube channel today. Only a trailer to start but stay tuned for new videos from time to time. Yes I was nervous but hopefully I’ll get better with practice. 3,126 total views, 0 views today